On 18 August it became known that the position of chairman of the National Bank approved Ukrgazbanka Alexander Morozov …
State seems to be settled on its candidates heads recapitalize financial establishments. Rodovid Bank headed by its current temporary administrator Sergei Shcherbina, in the bank Kiev instead of the originally claimed Igor Frantskevych appointed former head of the Odessa oblast branch UkrSotsBank Yuri Maslov.
On 18 August it became known that the position of chairman of the National Bank approved Ukrgazbanka Alexander Morozov, in 2005-2007 headed Oschadbank Ukraine. What is the situation in the subordinated facility, where to look for new customers and how to develop a new state bank? All that we questioned Alexander Valerievich.
- you've already managed to deal with the situation in Ukrgasbank? What are its main strengths and weaknesses? We intend to disclose whether the bank's development strategy in the foreseeable future?
- In principle, I already understood what was happening in the bank and what is happening. Major errors were primarily in the lack of diversification of credit portfolio. Too much of it was concentrated in projects developmentu properties.
trend of recent years - the ever-increasing cost of real estate and a huge need for new business centers, hotels, expensive housing. All this seems to be dictated and the appropriate business strategy. In April last year the situation in the bank could not even be called alarming. At that time, shareholders were actively negotiating to sell the bank, and its cost was estimated at more than 600 million euros. Credit and investment portfolio of real estate development group Ukrgazbanka estimated at between $ 1.5 to $ 2 billion - is something with which the group was going to go to international markets.
But ambitious plans did not have time to implement before the crisis. Already in September last year the situation has changed dramatically, and the problems quickly began to gain critical mass. In the end, due to lack of other sources, had to take the only right decision in those circumstances, giving the state control over the bank in exchange for its capitalization.
- Today, the unfinished houses, commercial and business centers - unusual monuments of a soap bubble. How they vitiate the portfolio?
- Of course, this is a problem. During the period of such loans were within acceptable limits, not exceeding 10-15%. But now, due to compression of the loan portfolio, their share has increased significantly and is around 30%. This is not good, but not critical. By increasing capital, were largely offset this risk.
- And these loans are served?
- Bad. And this is the main problem. There are no financial flows with which to service these loans. Shares in projects related to these objects, is also impossible to sell.
- you try to somehow solve this problem?
- Let. It must be found the correct formula for the freezing of this part of the assets before the new revival of interest in development projects, and then, with the emergence of potential investors - the investment of the competition with a view to selling them.
On behalf of Premier and in agreement with the borrowers we are currently working on this formula and in any case will try to sell part of the project. However, if the price is unacceptable and the sale of these projects the Bank will incur substantial losses, then, of course, logical to freeze them until better times.
But you asked a question about strategy. Her we will prepare and publish. Speaking about the prospects of not only survival, but also development, now the bank is more important than finding new markets and new customers.
- Where you find them? Try, as recently made the government the power to drive?
- We are currently in active negotiations with Naftogaz ofUkraine on the adoption service a number of its subsidiaries. Recall that Ukrgasbank once created as a structure that is focused on the gas industry. Therefore, one of its main problems I see is to start the most effective use in today's circumstances, the whole experience over 16 years of existence of the bank.
- These are your interests in the understanding of the government, in the leadership of NAC?
- I had several meetings with the NAC, and I think that it is interested in this idea.
Enterprises of NAK Naftogaz of Ukraine cooperate with more than 60 banks. On the one hand, it allows you to diversify the financial flows and risks, but on the other hand - creates a serious enough of a managerial nature, hinders the optimal management of these flows.
course, we are not talking about total centralization. It is not our task, so that tomorrow, Naftogaz with all his enterprises turned to service exclusively UkrGasBank. But as increasing the capacity of the bank, with the growth of interest in NAC, we will work hard to expand the interaction. Besides, if earlier it was not entirely correct to speak about large-scale cooperation with non-state Ukrgazbank state-owned companies, now the situation has radically changed.
- The interest can be years, not taking any concrete decisions …
- Here so will not work. We must have's clear decision to finalize the future strategy of development Ukrgazbanka. My idea, which has found understanding and in the Finance Ministry and the National Bank, and in Naftogaz - is the signing of a memorandum, which will reflect the interests and intentions of each of the signatories.
- Memorandum has been signed?
- None. This is still a draft. Right now it is considered and discussed by all parties. If Naftogaz will go into this process, it will also be one of the parties, but so far above all - is NBU and Finance Ministry. NBU - as the regulator and the Finance Ministry under the law is defined as a key ministry, which manages the state shares in the recapitalized banks.
- Are not you afraid that the bank has reemerged excessive concentration of risk? After all, everyone knows about the terrible financial situation of the NAC?
- these problems, I would not be afraid. They have indeed been accumulating for years, but everyone understands. Naftogaz is still operating at a loss, but it is - nonsense. Even in theory there can be such that the business related to oil and gas, is flawed. Just a long time, major oil and gas industry profits were passed the most Naftogaz.
Speaking with the Government and the leadership of NAC, I see that they understand all these problems. Moreover, they have ideas how to solve these problems. And for them the bank - is one of the tools to address these problems.
- Ukrgasbank will be universal or specialized agency?
- Not dealing with the rejection of universality. And the fact that we are now discussing with you - this has not yet taken decisions. But, in principle, Naftogaz - has long been a shareholder of the bank. Just now it had fallen to very low.
Also here are not talking about some new radical turn. In Ukrgasbank served by many regional gas companies in the regions of Ukraine, individual enterprises and branches of NAC. That is, the bank has many clients in this industry, he is familiar with its specifics. The point is that we all practices and systematize existing experience and look what there may be mutual interest.
- How can you comment on the statements of the Prime Minister of abuse when refinancing, which provided UkrGasBank - that thiskind of evidence prosecutors must investigate and that after the presidential election, many will sit.
- I - for the division of responsibilities. We will deal with financial flows and tools. And the fact someone who planted it, - for this there are other institutions. For example, the prosecutor's office, as rightly said Yulia.
I'm not going to blame for abuses. I know how encountering this situation, but it is difficult to understand the majority of readers banking issue.
- And yet, at least in general terms, what it was - the interbank loan? What is the head of the government charged that the alleged billion hryvnia was transferred to their small private bank?
- This was not the interbank market, it had money on correspondent accounts, which, in essence, from Ukrgazbanka not leave. The money is not spent on offshore areas, they remain in the bank. Such a situation has arisen from the fact that Hypobank was given a series of loans from the portfolio of Ukrgasbank for optimization, which involved shareholders with a view to selling, and then to obtain refinancing of the National Bank. This does not mean that there was no violation, but it was not as serious as in other banks, from which the money had indeed been withdrawn.
- Law violated?
- Law - just not. Each bank can have money in their correspondent accounts in another bank. Have been violated by the requirements of the NBU, which he exhibited in the allocation of refinancing. But this is not violating the law and not stealing.
With all the criticism you have already heard from me in the address of the shareholders, it must be noted that the bonds have not been withdrawn. Everything under the loans that were taken, is in the bank.
And Ukrgasbank - by the way, despite the introduction of an interim administration - there was not a single day moratorium. Therefore, we are in a more desirable situation than our colleagues from Rodovid Bank and Kiev .
- What are the dynamics of deposits in the bank after the announcement of the recapitalization? As the occurrence of state said the trust of depositors in the establishment?
- feel it. With
1 July to 10 August and ended redesigned and decorated the new deposit contracts totaling $ 672 million UAH. This is - almost 14 thousand contracts.
We have for the current situation is quite a decent rate - 70% retention. Withdrawal of deposits ended objective: many investors now worsened the financial situation in the family. Contributions to the fact and there to use deferred money, when there are difficulties.
- Since 30% is removed, then any deposit with the bank still loses?
- Of course, in general, there is a decrease. But in those figures that I have already named - more
4 thousand new customers, who brought the bank about 200 million UAH. We have not yet had the opportunity to actively declare all of our plans through an active advertising campaign.
- How did it happen that you were together with Rodovid Bank involved in the recent PR-shares to investors with the Prime Minister?
- I am convinced the head of government, that Ukrgazbanka no need to hold such events. Premier invited me to such a meeting, I brought it to their arguments, she agreed.
- something she agreed, but then heard accusations against the owners of the bank. Are not you afraid that a refusal to participate in the PR-campaign rallies complicate the implementation of your management tasks the bank?
- I have no problems now in communion with the Prime Minister. I walked away from politics and is solely engaged in professional activities. Although in general the entire process associated with the recapitalization, can not have political shades. Like everything in our country.
Recapitalization - is one of the key anti-crisis draft government. I'm not saying that the only, but crucial. Especially if you look how much money was allocated to this project than others. Therefore understandable that most policies are not without cost. I gave its recommendations to the Prime Minister for the rhetoric, which are deemed appropriate with respect to UkrGasBank. Hear something, something - no. Julia V. - head of government and is entitled to his position.
- Do you think that political opponents in this situation can work? And not just work - you do still want to enter the holy of holies, the very close to the Prime Minister's sphere - the oil and gas …
- Here too, there are no fundamental contradictions, because a bank the government will get even more control of where he wants. And not just control - it's about better management and more transparent streams. This is a management decision, which has no obvious enemies now.
- How do you assess the cooperation with the former owners of the bank and that are going to do with the current senior managerial link?
- Relations with the shareholders of me, I think, constructive. In this case, it is dictated by the conditions that were not created by me. Cabinet together with the National Bank took on Ukrgazbanka unique solution, which is not in the banks Rodovid and Kiev . Former owners have left 18%. This means that they - the shareholders and partners, and while this is so, I'll build with the most correct relationship.
We are slowly getting used to each other, to a method of thinking, to the decision algorithm. This is also a process that requires time. But now I do not feel any problems in the relationship.
With regard to changes in leadership and management - the issue being discussed. We do not challenge someone to drive. The new composition of the Board shall comply with the tasks that will stand in front of the bank. All personnel decisions will be taken after the formed and will meet the supervisory board of the bank. I hope that by the time of printing of the interview board will be formed. It is very important for the bank.
- you are ready to submit for consideration nabsoveta least a rough draft of the strategy development?
- The very formation of the Council will show whether the owner has agreed to the proposed sectoral bias. Because in that case, the board should comprise representatives from management of Naftogaz Ukraine . You can then discuss and sign a memorandum, which will define the key vector of further development of the bank.
If you will be accepted and approved it this vector, we sit down to write the strategy, specific business plan for the next two to three years.
- What can you say about the procedures of forming nabsoveta, especially if you compare it with oschadbankovskoy, where you had to fill as many cones?
- Thank God, there is not the principle of formation of the Supervisory Board, which was in Oschade and in Ukreximbank and started work nabsoveta to a complete standstill. In Oschadbank National Assembly did not intend to have more than two years. From that moment, as I sent in his resignation. And now practiced in absentia decision-making procedures greatly reduce their professionalism and competence. This eternal blocking five each other can not go to benefit the bank.
- you now also heading the state bank. Not required if under the law, so that your nabsoveta formed on the principle of three fives?
- The decision adopted in December last year, the law, which kicked off a recapitalization, registered a mechanism whereby the Ministry of Finance - representative of the owner and may take an independent decision on the formation of the supervisory boards rekapitaliziruemyh banks. Therefore there are no contradictions.
far as I know, the World Bank has made a very sensible suggestion that the council was composed of more independent directors. Incidentally, in Ukrgasbank such a practice existed before: in his National Assembly once belonged Yuri Poluneyev, then Sergei Yaremenko. Authoritative and independent people, whose professional reputation is important. So I would support such an initiative, but it is the competence of the Ministry of Finance.
Yuri SKOLOTIANY
Today, market participants should pay attention to the index of consumer confidence
Exchange rate of dollars saved without changes - the morning review of cash markets
Roubini: Risk of a second wave of the crisis grows
Exports of natural gas from Russia in January-July 2009 fell by 36,7%
The French government has spent to support the economy 18.2 billion euros
Karzai is leading in the presidential elections in Afghanistan
Speculative recommendation on shares of Polyus Gold, Lukoil, Gazprom, VTB and Sberbank
Futures on the euro-dollar is currently traded at around 1,425, the immediate goal of growth - 1.435-1.44
Prices of industrial metals rise, nickel has risen in price by 1.6%, zinc 1.2%, copper - 2.5%
Alexander Morozov: We are in negotiations with Naftogaz of acceptance for maintenance of certain of its subsidiaries
On 18 August it became known that the position of chairman of the National Bank approved Ukrgazbanka Alexander Morozov …
State seems to be settled on its candidates heads recapitalize financial establishments. Rodovid Bank headed by its current temporary administrator Sergei Shcherbina, in the bank Kiev instead of the originally claimed Igor Frantskevych appointed former head of the Odessa oblast branch UkrSotsBank Yuri Maslov.
On 18 August it became known that the position of chairman of the National Bank approved Ukrgazbanka Alexander Morozov, in 2005-2007 headed Oschadbank Ukraine. What is the situation in the subordinated facility, where to look for new customers and how to develop a new state bank? All that we questioned Alexander Valerievich.
- you've already managed to deal with the situation in Ukrgasbank? What are its main strengths and weaknesses? We intend to disclose whether the bank's development strategy in the foreseeable future?
- In principle, I already understood what was happening in the bank and what is happening. Major errors were primarily in the lack of diversification of credit portfolio. Too much of it was concentrated in projects developmentu properties.
trend of recent years - the ever-increasing cost of real estate and a huge need for new business centers, hotels, expensive housing. All this seems to be dictated and the appropriate business strategy. In April last year the situation in the bank could not even be called alarming. At that time, shareholders were actively negotiating to sell the bank, and its cost was estimated at more than 600 million euros. Credit and investment portfolio of real estate development group Ukrgazbanka estimated at between $ 1.5 to $ 2 billion - is something with which the group was going to go to international markets.
But ambitious plans did not have time to implement before the crisis. Already in September last year the situation has changed dramatically, and the problems quickly began to gain critical mass. In the end, due to lack of other sources, had to take the only right decision in those circumstances, giving the state control over the bank in exchange for its capitalization.
- Today, the unfinished houses, commercial and business centers - unusual monuments of a soap bubble. How they vitiate the portfolio?
- Of course, this is a problem. During the period of such loans were within acceptable limits, not exceeding 10-15%. But now, due to compression of the loan portfolio, their share has increased significantly and is around 30%. This is not good, but not critical. By increasing capital, were largely offset this risk.
- And these loans are served?
- Bad. And this is the main problem. There are no financial flows with which to service these loans. Shares in projects related to these objects, is also impossible to sell.
- you try to somehow solve this problem?
- Let. It must be found the correct formula for the freezing of this part of the assets before the new revival of interest in development projects, and then, with the emergence of potential investors - the investment of the competition with a view to selling them.
On behalf of Premier and in agreement with the borrowers we are currently working on this formula and in any case will try to sell part of the project. However, if the price is unacceptable and the sale of these projects the Bank will incur substantial losses, then, of course, logical to freeze them until better times.
But you asked a question about strategy. Her we will prepare and publish. Speaking about the prospects of not only survival, but also development, now the bank is more important than finding new markets and new customers.
- Where you find them? Try, as recently made the government the power to drive?
- We are currently in active negotiations with Naftogaz ofUkraine on the adoption service a number of its subsidiaries. Recall that Ukrgasbank once created as a structure that is focused on the gas industry. Therefore, one of its main problems I see is to start the most effective use in today's circumstances, the whole experience over 16 years of existence of the bank.
- These are your interests in the understanding of the government, in the leadership of NAC?
- I had several meetings with the NAC, and I think that it is interested in this idea.
Enterprises of NAK Naftogaz of Ukraine cooperate with more than 60 banks. On the one hand, it allows you to diversify the financial flows and risks, but on the other hand - creates a serious enough of a managerial nature, hinders the optimal management of these flows.
course, we are not talking about total centralization. It is not our task, so that tomorrow, Naftogaz with all his enterprises turned to service exclusively UkrGasBank. But as increasing the capacity of the bank, with the growth of interest in NAC, we will work hard to expand the interaction. Besides, if earlier it was not entirely correct to speak about large-scale cooperation with non-state Ukrgazbank state-owned companies, now the situation has radically changed.
- The interest can be years, not taking any concrete decisions …
- Here so will not work. We must have's clear decision to finalize the future strategy of development Ukrgazbanka. My idea, which has found understanding and in the Finance Ministry and the National Bank, and in Naftogaz - is the signing of a memorandum, which will reflect the interests and intentions of each of the signatories.
- Memorandum has been signed?
- None. This is still a draft. Right now it is considered and discussed by all parties. If Naftogaz will go into this process, it will also be one of the parties, but so far above all - is NBU and Finance Ministry. NBU - as the regulator and the Finance Ministry under the law is defined as a key ministry, which manages the state shares in the recapitalized banks.
- Are not you afraid that the bank has reemerged excessive concentration of risk? After all, everyone knows about the terrible financial situation of the NAC?
- these problems, I would not be afraid. They have indeed been accumulating for years, but everyone understands. Naftogaz is still operating at a loss, but it is - nonsense. Even in theory there can be such that the business related to oil and gas, is flawed. Just a long time, major oil and gas industry profits were passed the most Naftogaz.
Speaking with the Government and the leadership of NAC, I see that they understand all these problems. Moreover, they have ideas how to solve these problems. And for them the bank - is one of the tools to address these problems.
- Ukrgasbank will be universal or specialized agency?
- Not dealing with the rejection of universality. And the fact that we are now discussing with you - this has not yet taken decisions. But, in principle, Naftogaz - has long been a shareholder of the bank. Just now it had fallen to very low.
Also here are not talking about some new radical turn. In Ukrgasbank served by many regional gas companies in the regions of Ukraine, individual enterprises and branches of NAC. That is, the bank has many clients in this industry, he is familiar with its specifics. The point is that we all practices and systematize existing experience and look what there may be mutual interest.
- How can you comment on the statements of the Prime Minister of abuse when refinancing, which provided UkrGasBank - that thiskind of evidence prosecutors must investigate and that after the presidential election, many will sit.
- I - for the division of responsibilities. We will deal with financial flows and tools. And the fact someone who planted it, - for this there are other institutions. For example, the prosecutor's office, as rightly said Yulia.
I'm not going to blame for abuses. I know how encountering this situation, but it is difficult to understand the majority of readers banking issue.
- And yet, at least in general terms, what it was - the interbank loan? What is the head of the government charged that the alleged billion hryvnia was transferred to their small private bank?
- This was not the interbank market, it had money on correspondent accounts, which, in essence, from Ukrgazbanka not leave. The money is not spent on offshore areas, they remain in the bank. Such a situation has arisen from the fact that Hypobank was given a series of loans from the portfolio of Ukrgasbank for optimization, which involved shareholders with a view to selling, and then to obtain refinancing of the National Bank. This does not mean that there was no violation, but it was not as serious as in other banks, from which the money had indeed been withdrawn.
- Law violated?
- Law - just not. Each bank can have money in their correspondent accounts in another bank. Have been violated by the requirements of the NBU, which he exhibited in the allocation of refinancing. But this is not violating the law and not stealing.
With all the criticism you have already heard from me in the address of the shareholders, it must be noted that the bonds have not been withdrawn. Everything under the loans that were taken, is in the bank.
And Ukrgasbank - by the way, despite the introduction of an interim administration - there was not a single day moratorium. Therefore, we are in a more desirable situation than our colleagues from Rodovid Bank and Kiev .
- What are the dynamics of deposits in the bank after the announcement of the recapitalization? As the occurrence of state said the trust of depositors in the establishment?
- feel it. With
1 July to 10 August and ended redesigned and decorated the new deposit contracts totaling $ 672 million UAH. This is - almost 14 thousand contracts.
We have for the current situation is quite a decent rate - 70% retention. Withdrawal of deposits ended objective: many investors now worsened the financial situation in the family. Contributions to the fact and there to use deferred money, when there are difficulties.
- Since 30% is removed, then any deposit with the bank still loses?
- Of course, in general, there is a decrease. But in those figures that I have already named - more
4 thousand new customers, who brought the bank about 200 million UAH. We have not yet had the opportunity to actively declare all of our plans through an active advertising campaign.
- How did it happen that you were together with Rodovid Bank involved in the recent PR-shares to investors with the Prime Minister?
- I am convinced the head of government, that Ukrgazbanka no need to hold such events. Premier invited me to such a meeting, I brought it to their arguments, she agreed.
- something she agreed, but then heard accusations against the owners of the bank. Are not you afraid that a refusal to participate in the PR-campaign rallies complicate the implementation of your management tasks the bank?
- I have no problems now in communion with the Prime Minister. I walked away from politics and is solely engaged in professional activities. Although in general the entire process associated with the recapitalization, can not have political shades. Like everything in our country.
Recapitalization - is one of the key anti-crisis draft government. I'm not saying that the only, but crucial. Especially if you look how much money was allocated to this project than others. Therefore understandable that most policies are not without cost. I gave its recommendations to the Prime Minister for the rhetoric, which are deemed appropriate with respect to UkrGasBank. Hear something, something - no. Julia V. - head of government and is entitled to his position.
- Do you think that political opponents in this situation can work? And not just work - you do still want to enter the holy of holies, the very close to the Prime Minister's sphere - the oil and gas …
- Here too, there are no fundamental contradictions, because a bank the government will get even more control of where he wants. And not just control - it's about better management and more transparent streams. This is a management decision, which has no obvious enemies now.
- How do you assess the cooperation with the former owners of the bank and that are going to do with the current senior managerial link?
- Relations with the shareholders of me, I think, constructive. In this case, it is dictated by the conditions that were not created by me. Cabinet together with the National Bank took on Ukrgazbanka unique solution, which is not in the banks Rodovid and Kiev . Former owners have left 18%. This means that they - the shareholders and partners, and while this is so, I'll build with the most correct relationship.
We are slowly getting used to each other, to a method of thinking, to the decision algorithm. This is also a process that requires time. But now I do not feel any problems in the relationship.
With regard to changes in leadership and management - the issue being discussed. We do not challenge someone to drive. The new composition of the Board shall comply with the tasks that will stand in front of the bank. All personnel decisions will be taken after the formed and will meet the supervisory board of the bank. I hope that by the time of printing of the interview board will be formed. It is very important for the bank.
- you are ready to submit for consideration nabsoveta least a rough draft of the strategy development?
- The very formation of the Council will show whether the owner has agreed to the proposed sectoral bias. Because in that case, the board should comprise representatives from management of Naftogaz Ukraine . You can then discuss and sign a memorandum, which will define the key vector of further development of the bank.
If you will be accepted and approved it this vector, we sit down to write the strategy, specific business plan for the next two to three years.
- What can you say about the procedures of forming nabsoveta, especially if you compare it with oschadbankovskoy, where you had to fill as many cones?
- Thank God, there is not the principle of formation of the Supervisory Board, which was in Oschade and in Ukreximbank and started work nabsoveta to a complete standstill. In Oschadbank National Assembly did not intend to have more than two years. From that moment, as I sent in his resignation. And now practiced in absentia decision-making procedures greatly reduce their professionalism and competence. This eternal blocking five each other can not go to benefit the bank.
- you now also heading the state bank. Not required if under the law, so that your nabsoveta formed on the principle of three fives?
- The decision adopted in December last year, the law, which kicked off a recapitalization, registered a mechanism whereby the Ministry of Finance - representative of the owner and may take an independent decision on the formation of the supervisory boards rekapitaliziruemyh banks. Therefore there are no contradictions.
far as I know, the World Bank has made a very sensible suggestion that the council was composed of more independent directors. Incidentally, in Ukrgasbank such a practice existed before: in his National Assembly once belonged Yuri Poluneyev, then Sergei Yaremenko. Authoritative and independent people, whose professional reputation is important. So I would support such an initiative, but it is the competence of the Ministry of Finance.
Yuri SKOLOTIANY
Today, market participants should pay attention to the index of consumer confidence
Exchange rate of dollars saved without changes - the morning review of cash markets
Roubini: Risk of a second wave of the crisis grows
Exports of natural gas from Russia in January-July 2009 fell by 36,7%
The French government has spent to support the economy 18.2 billion euros
Karzai is leading in the presidential elections in Afghanistan
Speculative recommendation on shares of Polyus Gold, Lukoil, Gazprom, VTB and Sberbank
Futures on the euro-dollar is currently traded at around 1,425, the immediate goal of growth - 1.435-1.44
Prices of industrial metals rise, nickel has risen in price by 1.6%, zinc 1.2%, copper - 2.5%